Crypto analytics firm Santiment claims that Ethereum (ETH) whales have not been deterred by the market’s bearish price action.
Saint notes that whale and “shark” addresses with between 100 and 100,000 ETH have increased their holdings by 3.5% in the past 12 days.
The investor cohorts now hold their largest percentage of Ethereum’s supply since July 2021.
ETH is trading at $1,208 at the time of writing. The second-ranked crypto asset by market capitalization has fallen 1.30% in the past 24 hours. It also remains down more than 75% from its all-time high of $4,878, which it reached in November 2021.
Santiment refers to the $1,200 price point as a “psychological support level.”
Another crypto analytics firm, Glassnode, notes that Ethereum’s balance on exchanges also hit a four-year low on Friday. That decline could indicate faltering confidence in centralized exchanges after FTX’s high-profile collapse last week.
Saint say overall crypto market sentiment currently has a bearish bias, which could actually mean good things for the digital asset space.
“The crowd FUD [fear, uncertainty, doubt] is real as markets close out the work week. Conversations regarding current market conditions on Twitter, Reddit, Discord and Telegram indicate a large bearish bias. This historically increases the likelihood of future price increases.”
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